China's Bright Food to Buy Majority Stake in Weetabix

China's Bright Food has agreed to acquire a 60 percent stake in Weetabix in a deal that values the U.K. cereal company at 1.2 billion British pounds ($1.94 billion), Reuters said. The deal represents the largest foreign purchase by the state-owned Chinese food company, which aims to grow through acquisition to better serve its home market.

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